Top Government Official: “Americans Should Lose Faith In Their Government. They Should Deplore The Captured Politicians and Regulators … And Be Revolted By a Financial System that Rewards [Destruction] … Only With This Appropriate and Justified Rage Can We Hope for The Type of Reform that Will One Day Break Our System Free from the Corrupting Grasp of the Megabanks”

The Special Inspector General for Tarp Issues a Wakeup Call … Lambasts the Government and the Banks

The government’s special inspector general in charge of oversight of the Troubled Asset Relief Program (the “TARP” bank bailouts) – Neil M. Barofsky – wrote a stunning editorial for Bloomberg yesterday, concluding:

Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again.

Only with this appropriate and justified rage can we hope for the type of reform that will one day break our system free from the corrupting grasp of the megabanks.